OJSC PHOSAGRO - PhosAgro Board of Directors Decisions

Date : 12/04/2012 @ 9:35AM
Source : PR Newswire (US)
Stock : (PHOR)
Quote : 13.6  0.0 (0.00%) @ 1:33AM
Quote Chart

OJSC PHOSAGRO - PhosAgro Board of Directors Decisions

OJSC PHOSAGRO - PhosAgro Board of Directors Decisions
For Immediate Release                                           4 December 2012

PhosAgro Board of Directors Re-Appoints Maxim Volkov as CEO and Approves Development Strategy for 2013

Moscow - PhosAgro (or "the Company") (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces that its Board of Directors unanimously re-elected Maxim Volkov as the Company's CEO.

In accordance with PhosAgro's charter, the CEO is elected by the Board of Directors for a one year period.

PhosAgro's Board of Directors has also voted to allow the Company's CEO Maxim Volkov to hold positions in the governing bodies of other companies, including PhosAgro subsidiaries Apatit and PhosAgro-Cherepovets, where Mr. Volkov chairs the Boards of Directors.

PhosAgro's Board also approved the Company's development strategy for 2013. The strategy entails further strengthening of PhosAgro as a leading global producer of phosphate-based fertilisers and increasing shareholder value.

Some of the highlights of the strategy include:

  * Greater use of the full potential of apatite-nepheline ore through deeper
    processing in order to extract marketable concentrates and other products
    with high value added;
  * Continue modernisation and increases to flexibility of mineral fertilisers
    production lines, which will further enable the Company to quickly adapt
    its fertiliser production to changes in demand and other market factors;
  * Increase output of complex fertilisers;
  * Expand product line by introducing specialty fertilisers, technical
    phosphates, purified phosphoric acid, etc.;
  * Consolidation of ownership in subsidiaries.

The PhosAgro Board also determined the amount to be paid to the Company's RAS auditor, made certain amendments and additions to the terms of reference for the Remuneration and HR Committee, and approved several related-party transactions.

For further information please contact:

OJSC PhosAgro

+7 495 231 2747
Irina Evstigneeva, Head of Corporate Finance and Investor Relations
Timur Belov, Press Officer


Sam VanDerlip
+44 (0) 20 7920 2356

Notes to Editors

PhosAgro is a leading global vertically integrated phosphate-based fertiliser producer. The Group focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock (with P2O5 content of not less than 39 percent), as well as ammonia and nitrogen-based fertilisers.

The Group is the largest phosphate-based fertiliser producer in Europe, the largest producer of high-grade phosphate rock worldwide and the second largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the only producer in Russia.

PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high quality apatite-nepheline ore, representing over 75 years of production. The Group also controls substantial Al2O3 resources and has 41% of Russia's rare earth oxides resources according to the G.P. Luzin Institute of Economic Problems of the Kolskiy Scientific Centre of the Russian Academy of Sciences, 2010).

The Group's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertiliser and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. PhosAgro's 2011 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.2 bln. The ะก ompany's net debt/EBITDA ratio was 0.43 at 31 December 2011.

For further information on PhosAgro please visit: www.PhosAgro.com

Copyright er 4 PR Newswire

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:33 V:us D:20171121 05:58:05